Question

journalise the following transactions;

jan 15 - took goods from business for domestic use at selling price Rs.1,000
jan 22 -paid for advertisement Rs.2,000
jan 25 paid in as furthur capital Rs.12,000

Answer 1

Answer:

the journalise is :-

jan 15. Drowing A/C dr 1000

to purchase A/C 1000

jan 22. advertisement A/C dr 2000

to cash A/C 2000

jan 25. cash A/C dr 12000

to capital A/C 12000

Answer 2

The Journal Entries will be as follows:

Jan 15       Drawings A/c             ---dr                  1,000

                            To Purchase A/c                                 1,000

( Being goods drawn from business for personal use.)

Jan 22       Advertisement Expense A/c ---dr    2,000

                            To Cash A/c                                         2,000

( Being cash paid for Advertisement Expenses.)

Jan 22          Cash A/c ---dr                                 12,000

                             To Capital A/c                                    12,000

( Being cash brought as capital into the business.)

For the following entries, we use the double entry system where a particular transaction has dual effects and both credit and debit sides are affected.

• In the first entry, the owner of the business takes some goods of the business for his personal use. Therefore, the drawings account is debited the and purchases account that represents the goods are credited as its quantity is decreased.
• For the second entry, an advertisement expense is paid in the form of cash by the business, and as the cash of the business decreases and expenses made by the firm increase and therefore debited.
• And similarly, in the third entry new capital is introduced in the form of cash. Implying that, cash being an asset is debited and capital of the business also increases and so as credited.

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